Law

Law can include overarching legal systems imposed by a government or the internal rules of a firm corporate law. Each of these systems provides rules within which a company must operate. Successful managers must find ways of operating within a complex web of legal concerns, including environmental laws, international commercial and trade laws, labor laws, and regulations imposed by shareholders. Many businesses have legal departments that ensure compliance with all relevant laws, but executives are often expected to be familiar with them, as well.